Here are the key factors to keep in mind today for Gold trades:
- New Zealand REINZ House Sales: New Zealand REINZ House Sales for March decreased by 9.9% annualized. Forex traders can compare this to New Zealand REINZ House Sales for February which increased by 1.2% annualized.
- Australian ANZ Roy Morgan Weekly Consumer Confidence Index: The Australian ANZ Roy Morgan Weekly Consumer Confidence Index for the week of April 15th was reported at 116.0. Forex traders can compare this to the Australian ANZ Roy Morgan Weekly Consumer Confidence Index for the week of April 8th which was reported at 115.1.
- Chinese GDP: The Chinese GDP for the first-quarter increased by 1.4% quarterly and by 6.8% annualized. Economists predicted an increase of 1.5% quarterly and of 6.8% annualized. Forex traders can compare this to the Chinese GDP for the fourth-quarter which increased by 1.6% quarterly and by 6.8% annualized.
- Chinese Industrial Production: Chinese Industrial Production for March increased by 6.0% annualized. Economists predicted an increase of 6.3% annualized. Forex traders can compare this to Chinese Industrial Production for February which increased by 6.2% annualized.
- Chinese Retail Sales: Chinese Retail Sales for March increased by 10.1% annualized. Economists predicted an increase of 9.7% annualized. Forex traders can compare this to Chinese Retail Sales for February which increased by 9.4% annualized.
- Chinese Fixed Assets ex Rural: Chinese Fixed Assets ex Rural for March increased by 7.5% annualized. Economists predicted an increase of 7.7% annualized. Forex traders can compare this to Chinese Fixed Assets ex Rural for February which increased by 7.9% annualized.
- Japanese Industrial Production and Capacity Utilization: Final Japanese Industrial Production for February was reported flat at 0.0% monthly and increased by 1.6% annualized. Forex traders can compare this to Japanese Industrial Production for January which increased by 4.1% monthly and by 1.4% annualized. Capacity Utilization for February increased by 1.3% monthly. Forex traders can compare this to Capacity Utilization for January which decreased by 7.3% monthly.
- UK Jobless Claims Change and Claimant Count Rate: The UK Jobless Claims Change for March is predicted at 13.3K and the Claimant Count Rate is predicted at 2.4%. Forex traders can compare this to the UK Jobless Claims Change for February which were reported at 9.2K and the Claimant Count Rate which was reported at 2.4%.
- UK Employment Change, ILO Unemployment Rate and Average Weekly Earnings: The UK Employment Change for the tri-monthly period ending in February is predicted at 55K and the ILO Unemployment Rate is predicted at 4.3%. Forex traders can compare this to the UK Employment Change for January which was reported at 168K and to the ILO Unemployment Rate which was reported at 4.3%. Average Weekly Earnings for the tri-monthly period ending in February are predicted to increase by 3.0% annualized and Average Weekly Earnings Excluding Bonuses are predicted to increase by 2.8% annualized. Forex traders can compare this to Average Weekly Earnings for January which increased by 2.8% and Average Weekly Earnings Excluding Bonuses which increased by 2.6%.
- German ZEW Survey and Eurozone ZEW Survey: The German ZEW Survey Current Situation for April is predicted at 88.0 and the German ZEW Survey Economic Sentiment at -1.0. Forex traders can compare this to the German ZEW Survey Current Situation for March which was reported at 90.7 and the German ZEW Survey Economic Sentiment which was reported at 5.1. The Eurozone ZEW Survey Economic Sentiment for April is predicted at 7.3. Forex traders can compare this to the Eurozone ZEW Survey Economic Sentiment for March which was reported at 13.4.
- Canadian International Securities Transactions: Canadian International Securities Transactions for February are predicted at C$7.24B. Forex traders can compare this to Canadian International Securities Transactions for January which were reported at C$5.68B.
- Canadian Manufacturing Sales: Canadian Manufacturing Sales for February are predicted to increase by 1.0% monthly. Forex traders can compare this to Canadian Manufacturing Sales for January which decreased by 1.0% monthly.
- US Housing Starts and Building Permits: US Housing Starts for March are predicted to increase by 2.6% monthly to 1,268K starts and Building Permits are predicted to increase by 0.7% monthly to 1,330K permits. Forex traders can compare this to US Housing Starts for February which decreased by 7.0% monthly to 1,236K starts and to Building Permits which decreased by 5.7% monthly to 1,298K permits.
- US Industrial Production and Manufacturing Production: US Industrial Production for March is predicted to increase by 0.4% monthly and Manufacturing Production is predicted to increase by 0.1% monthly. Forex traders can compare this to US Industrial Production for February which increased by 1.1% monthly and to Manufacturing Production which increased by 1.2% monthly.Capacity Utilization for March is predicted at 77.9%. Forex traders can compare this to Capacity Utilization for February which was reported at 78.1%.
Should price action for Gold remain inside the or breakout above the 1,343.60 to 1,350.30 zone the following trade set-up is recommended:
- Timeframe: D1
- Recommendation: Long Position
- Entry Level: Long Position @ 1,348.00
- Take Profit Zone: 1,375.00 – 1,394.00
- Stop Loss Level: 1,333.35
Should price action for Gold breakdown below 1,343.60 the following trade set-up is recommended:
- Timeframe: D1
- Recommendation: Short Position
- Entry Level: Short Position @ 1,339.00
- Take Profit Zone: 1,320.00 – 1,326.10
- Stop Loss Level: 1,343.60
Open your PaxForex Trading Account now and add this currency pair to your forex portfolio.
